|Bid||546.80 x 0|
|Ask||547.20 x 0|
|Day's range||535.40 - 547.40|
|52-week range||331.30 - 664.50|
|Beta (5Y monthly)||1.64|
|PE ratio (TTM)||N/A|
|Earnings date||12 May 2021|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||27 Sep 2019|
|1y target est||1,065.60|
Nissan’s giant Sunderland plant has been given almost £500m of taxpayer backing after the company’s British manufacturing arm reported a huge annual loss as output plunged because of lockdowns. Accounts filed with Companies House show Nissan Motor Manufacturing UK agreed a £600m, five-year loan with a syndicate of banks understood to be led by HSBC in December, which is 80pc underwritten by UK Export Finance (UKEF). UKEF is Britain’s state-backed export credit agency. It provides finance and insurance to help exporters win and fulfil foreign sales, and picks up the tab if the customer fails to pay. The support was offered under the body’s Export Development Guarantee (EDG). It is not linked to financing any specific export contract. Instead, it supports big companies with large foreign sales and provides working capital or financing for new equipment. About 80pc of cars rolling off the production lines at Sunderland are destined for foreign roads. The accounts, for the year ending March 31 2020, show that Nissan reported a £544m pre-tax loss, against a £133m profit the year before. Revenue fell 20pc to £4.9bn. Production of the Juke, Leaf and Qashqai models at the plant also fell to a 15-year low totalling just 325,000, compared with 415,000 vehicles in the previous period, as the first lockdown halted work in March. Full production did not resume until June. The loss was largely down to a £425m writedown Nissan took on the value of the assets at Sunderland. The hit was related to the “economic environment of the automotive sector over the past three years, the level of investment required to support electrification of the sector, and compliance with new emissions regulations”, the accounts said. A spokesman for Nissan said the accounts represented “a challenging period for the business globally”, and a transformation plan was under way to restore profitability.
Japan's Nissan Motor Co, which is racing to lift margins and curb costs amid slowing sales, showed off a redesigned version of its X-Trail model on Monday and announced a green car strategy for China at the Shanghai auto show. The redesigned X-Trail sport-utility vehicle (SUV) was on display after a similar SUV called the Rogue hit the U.S. market last year. The new X-Trail will be available in China this year.
(Bloomberg) -- Renesas Electronics Corp. said it is aiming to resume shipments from its fire-hit chip factory at full capacity by early July, roughly in line with its previous target.The Japanese chipmaker suffered a fire at its facility in Naka, north of Tokyo, on March 19, exacerbating shortages in the technology supply chain as it recovers from the Covid-19 pandemic. The company, which restarted partial production at the plant over the weekend, had said previously it would need about 100 days to bring the factory back to full shipments.“I appreciate all the help from our partners that enabled us to restart the factory without falling behind,” said Chief Executive Officer Hidetoshi Shibata at a briefing in Tokyo on Monday.Shibata said the plant should be able to resume full production in late May and then reach its previous shipping volumes about a month later. He said it may take slightly longer than 100 days, by a week or 10 days.The company’s shares rose 4.3% on Monday.The incident hit as the global semiconductor industry is suffering through unprecedented shortages, leaving automakers in particular short of components that they need for their vehicles. Even before the fire, car manufacturers were expected to miss out on $61 billion of sales this year alone. Renesas is one of the top providers of automotive chips, used by virtually all the top carmakers.Read more: Renesas Restarts Fire-Hit Chip Factory Days Ahead of ScheduleRenesas warned in March that there would be a vacuum of about a month when the company would be unable to ship chips from the factory. The company had asked other chipmakers to deliver components to customers on its behalf, but estimated it would lose revenue of as much as 24 billion yen due to the fire.“Sales in the second quarter could decrease due to the fire, which may reduce the company’s operating income by 10 billion to 15 billion yen,” Bloomberg Intelligence’s Masahiro Wakasugi said.Shibata declined to provide details of the fire’s financial impact, saying the company would give an update with its next earnings announcement.Renesas, whose chips are used by Toyota Motor Corp., Ford Motor Co. and Nissan Motor Co., gets about half its revenue from car chips. The Naka plant makes parts used in automotive and industrial applications.(Updates with shares in the fifth paragraph. A previous version of this story corrected the timeframe of the company’s previously announced plan.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.